For Smart Insurance Solutions Choose Coverforce Our Capability Issue Date 1st October 2012
A different company Creating smart insurance solutions for clients is what we do. Our determination to genuinely protect our clients is the reason we do it so well. It s not what we do, but the reason we do it, that makes us different. It drives us to deliver excellent outcomes for clients, each and every time. Jim Angelis Chief Executive
Contents 2 Introduction 4 Our Key Competencies 4 Construction Insurance 4 Trade Credit Insurance And Surety 4 Not For Profit Organisations 5 Professional Risks Insurance 5 Group Income Protection Insurance 5 Group Insurance Schemes 7 Why Choose Coverforce? 8 Governance 8 Our Clients 9 Our People 10 Our Service Model
Introduction Coverforce is Australia s largest unlisted insurance broker. The company was established in 1994 to provide employee benefits to workers in the NSW construction industry. Today Coverforce has grown into a strong and highly capable insurance broker with a strong-minded focus to serve its clients. When you appoint Coverforce as your insurance broker you will find us genuine, responsive, informed and confident. The outcome for clients is a customised insurance solution for each and every client that best protects their business and assets. We currently manage annual insurance premiums in excess of $125m on behalf of our clients. Our growth comes from client referrals and an active insurance broker acquisition strategy. We have an impressive and above industry benchmark client retention rate exceeding 95%. This is an ongoing testament to client service and delivery. We employ 75 staff and have offices in Sydney, Melbourne, Brisbane, Adelaide and Perth. As our business has grown our capabilities have been continually enhanced. We have put together a team of dedicated and qualified professionals, who continue to deliver best practice outcomes to clients. We service a wide range of corporate and SME clients all of whom benefit from our unique approach to insurance placement and risk advice. 2
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Our Key Competencies At Coverforce, our qualified and experienced brokers deal in all classes of general insurance such as; ISR, Public and Products Liability, Property and Motor Fleet - to name a few. Using their knowledge of your business and extensive industry experience our brokers are able to determine the coverage and applicable limits required, for the reliable protection of your business and/or personal assets. Our role is to provide you with solutions which take risk from your balance sheet once the insurance premium is paid or advise you on managing the risks internally where this makes more sense. We pride ourselves in providing smart insurance solutions that represent true value to our clients. In addition to our general insurance broking capability we have expert broking teams in the following areas: Construction Insurance Coverforce commenced operation providing employee benefits through enterprise agreements in the NSW construction industry. As a consequence of our constant contact with construction businesses, we developed a strong understanding of the needs of the industry and subsequently broadened our services to provide a complete construction insurance solution. We have since become one of Australia s leading insurance brokers to the construction industry. Knowing the industry as we do is a significant advantage when tendering for new construction insurance business as well as servicing and maintaining our existing client base. We have the capability to provide you with contract reviews to ensure contracts and your insurance program are aligned. Through this process we are able to provide you with valuable risk management advice and solutions. We know the specialist construction insurance markets both in Australia and at Lloyd s. Our experience and regular contact with these markets enable us to obtain competitive pricing and the best available coverage. Trade Credit Insurance and Surety This is a particularly specialist area of insurance and vital to protect the solvency of any business. Trade credit insurance protects your balance sheet from, amongst other contingencies, failed customers. Our expert capability in trade credit insurance enables us to access the best markets to obtain competitive pricing and meaningful coverage. Not For Profit Organisations Coverforce has pride in our ability to create cost effective insurance solutions for a variety of not for profit organisations. Claims against a not for profit organisation are more frequent than many people realise. Our deep understanding of exposures in the not for profit market has enabled us to create products that are meaningful and meet actual needs. Currently we are the appointed insurance broker for more than 270 not for profit organisations. 4
Professional Risks Insurance Coverforce has a specialist professional risks team who operate solely as professional risks insurance brokers. The team have been providing professional risks advice and solutions to a wide range of professions, for more than a decade. Our specialist brokers have extensive experience in working with professionals to identify their particular risks, assess options for cover, and identify the most suitable of these to protect both their company and individual assets, against legal liabilities arising from; > > a failure to exercise reasonable care in the provision of professional advice/services, or; Group Income Protection Insurance Coverforce is now the largest provider in Australia of group income protection insurance as an employee benefit. We insure around 70,000 employees across Australia. We have the specialised industrial relations expertise, to provide solutions for employers that meet the needs of both trade unions and employer groups. Coverforce is endorsed as a preferred supplier to the Australian Minerals and Mining Association, AMWU, AWU, ETU and CFMEU. Group Insurance Schemes Group Insurance Schemes are a great way for organisations with a group of members, to leverage their buying power and negotiate high quality, tailored insurance policies, at reduced rates. Coverforce are recognised as a market leader in the establishment of group insurance schemes. The benefits associated with group insurance schemes include: > > Larger buying power helps to reduce premiums without the need to compromise on quality; > > Insurance policies will be specifically tailored to meet the needs of members; > > Reduced premiums by eliminating the need to pay for unnecessary cover; > > Provides an additional membership benefit for your organisation; > > Combined claims history helps to lower risk to the insurer and therefore assists in lowering premiums Our insurance brokers have the privilege of managing group insurance schemes for many large and well known organisations, such as the LJ Hooker Franchise Owners Council, Community Colleges Australia, ALPA and AIQS. > > a failure to exercise reasonable care in the management of your organisation Our professional client base is diverse and covers many areas of business and industry from real estate professionals, accountants and engineers. 5
Why Choose Coverforce? Governance At Coverforce we do not simply sell insurance policies. Our insurance brokers are highly skilled professionals who will take the time to understand the risks you face in your business. We provide sound advice, excellent service, and insurance solutions that won t let you down when it s time to claim. As a large Australian insurance broker with a solid reputation, we have access to the best local and international insurance markets. This allows us to remain highly competitive, without compromising on quality. At Coverforce, the relationship with your insurance broker does not end once a policy has been purchased. Your personal insurance broker is always on hand to provide you with professional advice. In the event of a claim both your broker and our dedicated team of claims experts will work with your insurer to deliver any entitlement due to you without unnecessary delay. We ve built our business by completely focusing on the needs of our clients, it s no wonder we have become one of Australia s largest insurance brokers. So, why wouldn t you choose Coverforce? Coverforce is licenced by and regulated by ASIC. Coverforce operates under the Australian Business Excellence Framework. We are not aware of any other insurance broker in Australia committed to this very high standard of operating a business. The reason we have adopted the framework is because it ensures we provide our customers with the best possible service and product delivery. To further protect our clients we carry our own professional indemnity insurance with a significant limit of indemnity. We are happy to discuss the specifics of our insurance cover with clients and provide a copy of our certificate of currency if requested. The limit we carry enables Coverforce to participate in large corporate tenders. Our professional indemnity insurance is placed with Lloyd s underwriters. 6
Our Clients Our People Our clients vary in size from small business through to listed and unlisted corporate entities. Irrespective of the size of our client we maintain our core values and deliver smart insurance solutions. We can discuss the range and scope of our clients with you generally while at all times maintaining our clients confidentiality. We survey our clients to ensure they continue to be satisfied by our service. We can provide client testimonials to you if required. We also represent a number of associations and affinity groups. We have extensive experience in purchasing group insurance and putting in place e-commerce and people solutions to deliver our services to these associations. We are happy to provide you with details of the many associations we are appointed to represent as their insurance broker. At Coverforce we recognise our people are our greatest asset. We encourage our brokers to develop strong and meaningful relationships with clients, to enhance our understanding of your business, and in turn our service to you. We continually invest in our people to ensure they are up to date with the industry changes that could impact your business. 7
Our Service Model Insurance Programme Management The management of the annual insurance programme typically would involve the following broad range of activities all of which are closely managed in conjunction with your leadership team and others as may be required from time to time: > > The review of the entire insurance portfolio covering all classes of insurance (including Workers Compensation) on an annual basis, typically commencing some 3 months prior to renewal date; > > A minimum bi-annual review of Uninsured Risks making positive recommendation to you at least once per annum or as required; > > Collation of underwriting data on an ongoing basis with specific emphasis placed upon the pre-renewal process at least 3 months prior to renewal date. Face to face meetings with you is key to this process; > > Compilation and refining of the underwriting information, with recommendations made for amendment or change to pre-existing insurance structures or placements; > > Preparing insurance slips for presentation to the insurance market; > > Review and forecast analysis of claims statistics over all classes with relevant as if scenario analysis on major insurance classes; > > Annual marketing where appropriate of all classes of insurance with the exception of Long Term Agreements (if applicable and indeed available) on certain classes; > > Formation of a Renewal Report for presentation to Management for approval and sign off; > > Preparing Placing Slips and delivery into the market for final placement with appropriate underwriters; > > Presentation of Annual Insurance Manual (hard copy and Intranet / soft copy version); > > Ongoing insurance advice during the course of each insured year to all operating entities. Risk Management And Consultancy Services Coverforce provides ongoing contractual review on all tenders, bids and contracts deemed appropriate for review. The service includes and extends to contractual reviews with project sponsors, financial institutions, legal consultants, engineering professionals and the like. We will attend meetings wherever required. A review of risk management is conducted on processes affecting both day to day operational issues encountered by the operating entities and more specifically project related exposures. We recommend risk driven solutions to you. If it suits your circumstances, a review of Alternative Risk Transfer/ Finance methodology is also undertaken, linking global trends in the industry to applications appropriate to the company. Cost of risk reviews, self-insured threshold limits and design of possible alternative insurance programs are undertaken where appropriate. Risk audits and attendant risk mapping, disaster recovery and similar type programs will be provided where required. 8
Claims Management Coverforce will establish clear and unambiguous agreements detailing expectations and deliverables in the provision and management of claims related services. We offer an all-encompassing claims management service whether under or over deductible dependent on requirements. A regular review of claims with management based upon pre-agreed timing and format, forms part of our standard service and we also incorporate ongoing site attendance where the intimated loss is either severe or extremely complex. Coverforce will represent your interests at all levels with insurers, legal representatives, surveyors and assessors and the like with ultimate management of the claims remaining with Coverforce at all times. We will also provide reports relating to the forecasting of long tail claims including statistical information, trends in loss patterns and subsequent recommendation as regards risk finance options. Workers Compensation The increasing complexity behind Workers Compensation regimes across the States and Territories of Australia has resulted in an increasing demand on Coverforce to provide support services to our larger nationally operating clients. Services include: > > Profile and occupation classification review; > > Claims management with particular focus on forecast claims reserves and settlement including quarterly meetings with the relevant insurer and their service providers; > > OH&S audit, review, recommendation and implementation. Typically these services are outsourced to qualified and proven specialists. Service costs are billed directly by the outsource provider subject to a preagreed and priced Scope of Works; Premium Funding Coverforce has access to a range of premium funding providers. The benefits that premium funding provides include: > > Off balance sheet nonrecourse finance; > > Internal cash flow management; > > Staged premium payment Coverforce recommends the use of premium finance be considered. It is worth noting that subject to the extent to which alternative strategies are deployed, premium finance can be utilised to fund aggregate deductible costs and Workers Compensation in addition to insurance premiums. > > Ongoing updates as and when changes occur to State or Territory regulation; > > Premium forecasting, adjustment and reviews of past premium structures. 9
For more information 1 3000 COVER coverforce.com.au This Capability Statement is issued by Coverforce Insurance Broking Pty Ltd ACN 118 883 542 ABN 11 118 883 542 AFSL 302522 Level 12, 9 Castlereagh Street Sydney NSW 2000 Locked Bag 5273 Sydney NSW 2001 T 02 9376 7888 F 02 9223 1422 info@coverforce.com.au www.coverforce.com.au